Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of 2012, stating that the global market situation remained favorable and demand was high for the greater part of Sandvik's products and services in the first quarter.
"Order intake displayed very robust development and reached the highest-ever level for the group at SEK 28.9 billion," said Sandvik's president and CEO Olof Faxander, adding that major orders were booked in South America, Australia, Asia and Europe. Mr. Faxander also said that the market scenario was largely stable in Europe and strong in North and South America, while it was mixed in Asia where development in China in particular fluctuated significantly among the various segments.
According to the financial results, Sandvik's profit for the given period was SEK 2.5 billion ($371.2 million), increasing 18 percent compared with a profit of SEK 2.13 billion in the first quarter of 2011. Order intake in the first quarter of 2012 increased by 13 percent year on year to SEK 28.9 billion ($4.28 billion).